INNOVATION AND COMMERCIALIZATION REPORT: Tesco's Business Strategies

This report examines Tesco's innovation and commercialization strategies, focusing on the commercial funnel, new product development (NPD), and intellectual property protection. It explores how Tesco utilizes the commercial funnel's action, awareness, decision, and interest sections to enhan...Read More

INNOVATIONS AND
COMMERCIALIZATION

INTRODUCTION
The innovation and commercialization plays a very major role in the
development of the the organization. The products produced by the
companies can be innovated and commercialized in such a way that
the demand of that product increases because of their unique features
and varieties of of its differentiated products.

MAIN BODY
P 5 - Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation.
Action Section
The action section consists of the final portion of the commercial funnel. In this the number of
consumers who will consume the companies product is based on the marketing strategies
of the Tesco. The production is done according to the demands of the customers.
Improved Society
The existing products of the Tesco are renovated by which the organization can provide
improved services which will meet the expectation of their consumers. These societies are
improved to keep the market stable for the organization.
Awareness Section
The awareness about the terms and conditions of products and services of Tesco are generated
among their customers. Many times customers purchases the expired products which make
them fall ill. So the Tesco makes their customers aware about the information given on the
back side of the products.

To be continued.....
 Decision Section
In this the market is fully dependent on the customers. It is the
decision of the customer that whom they choose to purchase the
product. Every company have their competitors in the market.
The customers have many choices to choose the best product
for them.
 New Values for Customers
The new values for the customers are generated only if the
products of the Tesco are having new features and innovations
which will be beneficial for the customers for their use.

To be continued....
 Interest Section
The interest section of the consumers towards the businesses strategies of the Tesco
are developed because of the attractive innovative initiatives taken by the
organization to protect the environment.

BUILD AN INNOVATION BUSINESS CASE FOR AN ORGANISATION, INCLUDING WAYS TO ACCESS
FUNDING
 The Tesco was earning the funding by getting stick with their vision which was to become highly valued
business in the economy and serving their customers with the best services and products in the market.
 The business was getting innovated by focusing on the difference between the customers needs and their
offerings which has made them to produce the products which are highly in demand by the customers.
 The Tesco was getting huge amount of funds by UK government. The reason behind this was that the
organization was giving the best quality products at the cheapest rate to their customers.
 The products of the Tesco were highly in demand so the government was giving funds to raise and
explore the business in more and more cities of the UK.

To be continued.....
 The innovations were made in the products and services of the organization with
changes in time and preferences of the customers.
 The strategies and innovations made by the competitors were also measured and
the new innovations were made in the organization after exploring the full market.
 The major innovation which an retailing store can do was to provide financial
services to their customers at the lowest interest rates.
 This also created a new way of doing savings and increasing the need of doing the
investments in the businesses of the UK by their customers.
 The Tesco gave many offers and discounts on their renovated products and
services which increased number of customers who were using the products of
Tesco.

P 7 - EVALUATE THE DIFFERENT TOOLS THAT ORGANISATIONS CAN USE TO DEVELOP, RETAIN
AND PROTECT KNOWLEDGE AND INTELLECTUAL PROPERTY.
 The company was having patent to protect their inventions and to renovate more
in the products and services provided by them.
 The inventions made by the Tesco were not copied or having the same
background and idea of their competitors.
 The workplace collaboration was there in Tesco where all the employees were
working in team so that they can achieve the success fast.\
 The team work done in the Tesco was reason of their success because the
employees working in the team were giving a wide range of innovative ideas
which were useful in making the customer base more strong.

To be continued....
 The company was having its own designed trademark on all the products they were
selling. Tesco trademark is different from the other companies trademark and no
other company is allowed to copy that trademark.
 The trade mark itself says that the “Every Little Helps” which means that every idea
and innovations made in the organisation will help in getting success in some or
another way.
 Developing a positive organizational culture in the organization. The company is
working as a multinational company, so the working conditions of the employees
were very nice.
 Setting goals and targets which has to be achieved by the employees working in the
organization.

CONCLUSION
The Tesco was having a commercial funnels which showed the different
strategies and measured by the organization to increase their customer
base and to increase the values of the organizations by giving the best
quality products at cheapest rates possible. The commercial funnel included
the action section, improved society, awareness section, decision section,
new values for customers and interest section which helped in filtering
ideas and innovations which were made by the Tesco. The Tesco was
getting huge funds from the government because the unique offerings and
best quality products produced by them which were sold at very low rates.
The Tesco protected their intellectual rights by adopting all the policies and
rules made by the government of UK.

REFERENCES
Books and journals
Huang-Saad, A., Fay, J. and Sheridan, L., 2017. Closing the divide: accelerating technology commercialization by
catalyzing the university entrepreneurial ecosystem with I-Corps™. The Journal of Technology Transfer, 42(6),
pp.1466-1486.
Fernald, K., Pennings, E. and Claassen, E., 2015. Biotechnology commercialization strategies: Risk and return in
interfirm cooperation. Journal of Product Innovation Management, 32(6), pp.971-996.
Chandel, and et.al., 2018. The path forward for lignocellulose biorefineries: bottlenecks, solutions, and perspective on
commercialization. Bioresource technology, 264, pp.370-381..
Szycher, M., 2016. Commercialization Secrets for Scientists and Engineers. CRC Press.